SJC gold bar price hits 130 million VND, many people are "dizzy"

On the morning of August 26, the domestic gold market continued to witness very strong fluctuations when the price of SJC gold bars continued to be pushed to record highs. This development surprised many people because in just a short time, gold prices increased at a dizzying speed, creating a large gap compared to world prices.

SJC gold bar price sets new record

According to the listing board of Saigon Jewelry Company (SJC), the price of gold bars this morning was traded at 126.1 million VND/tael for buying and 127.7 million VND/tael for selling - an increase of 800,000 VND compared to yesterday. At the same time, large gold companies such as PNJ, DOJI or Bao Tin Minh Chau also adjusted their trading prices to closely follow SJC.

However, in the banking sector, there is a clear difference in gold prices.ACB and Eximbank both listed the buying price of SJC gold bars at VND126.5 million/tael and the selling price at VND127.7 million/tael. Meanwhile, Sacombank suddenly pushed the price of SJC gold bars to VND124 million/tael for buying and VND130 million/tael for selling - the highest price ever officially listed on the market.

The free market in Ho Chi Minh City also witnessed a similar development. Some small retail stores raised the price of SJC gold bars to VND129 million/tael for buying and VND130 million/tael for selling - an increase of about VND1.3 million/tael after just one day.

Along with gold bars, the price of gold rings and 99.99% jewelry gold also recorded a sudden increase. This morning's trading price fluctuated at 119.6 million VND/tael for buying and 122.2 million VND/tael for selling - 900,000 VND higher than yesterday.

Giá vàng miếng SJC chạm mốc 130 triệu đồng , điều gì đang diễn ra? - Ảnh 2. — SJC gold bar and gold ring prices both increased sharply

SJC gold bar price increases rapidly - decreases slowly

Notably, domestic gold prices continue to increase rapidly when world prices rise but decrease slowly when international prices cool down. In fact, every time world gold prices fluctuate, the domestic market reacts almost immediately, and the rate of increase is even much stronger.

At 9:30 this morning, the world gold price was trading around 3,377 USD/ounce, up about 10 USD/ounce compared to the previous session. This amplitude is only equivalent to a few hundred thousand VND per tael if converted to VND.

Meanwhile, domestically, the price of SJC gold bars and gold rings has jumped to millions of dong per tael. This has caused the gold price gap between the two markets to widen.

Converted according to the exchange rate listed at the bank, the world gold price is currently around 107.9 million VND/tael, nearly 14 million VND/tael lower than the price of gold rings and nearly 20 million VND/tael lower than the price of SJC gold bars. This is the biggest difference ever.

World gold prices are rising as the US Federal Reserve (FED) is expected to lower interest rates next September, while the USD shows signs of recovery.

However, analysts say the possibility of a strong breakout in the price of precious metals in the short term is quite low. Gold prices are unlikely to return to the historical peak of $3,500/ounce set in April this year, at least in the coming weeks.